Tax incentives approved for expanding companies including Tempur-Pedic

ssloan@herald-leader.comFebruary 28, 2013 

The Kentucky Economic Development Finance Authority board approved tax incentives for companies, including Tempur-Pedic International in Lexington, that are considering new investments in the state at its monthly meeting Thursday. The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.

In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal. Here are selected board preliminary approvals, unless otherwise noted:

■ Heaven Hill Distilleries in Louisville, $80,000 to add four new processing fermentation tanks to increase production. The company estimates that the expansion will cost $5.18 million. This tax incentive program does not require new jobs to be created.

■ Kentucky Kingdom in Louisville, $1.69 million to reopen the former amusement park. The company estimates that the project will cost $40 million. This tax incentive program does not require new jobs to be created.

■ American Pet Food Manufacturing in Williamsburg, $900,000 to open a plant to make pet food. The company estimates that the project will cost $1.2 million. It is expected to add 60 jobs that pay an average hourly wage of $15, including benefits.

■ Borden Dairy Co. of Kentucky in London, $700,000 to consolidate area operations. The company estimates that the expansion will cost $1.93 million. It is expected to add 47 jobs that pay an average hourly wage of $17, including benefits.

■ Verst Group Logistics in Lexington, $345,000 to lease a building in the city for a new warehouse and distribution contract. The company estimates that the expansion will cost $6.96 million. It is expected to add 23 jobs that pay an average hourly wage of $21, including benefits.

■ Fluortubing USA in Campbellsville, $150,000 to expand its plastic tubing manufacturing plant. The company estimates that the expansion will cost $782,825. It is expected to add 10 jobs that pay an average hourly wage of $10.75, including benefits.

■ UGN in Somerset, final OK of $1.5 million to expand its production of automotive parts. The company estimated that the expansion would cost $4.96 million. It is expected to add 50 jobs that pay an average hourly wage of $16, including benefits.

■ Tempur-Pedic International in Lexington, final OK of $8 million to build a global headquarters. The company estimated the project would cost $17 million. It is expected to add 65 jobs that pay an average hourly wage of $50, including benefits.

Scott Sloan: (859) 231-1447. Twitter: @HeraldLeaderBiz.

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